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17.06.201502:04 Forex Analysis & Reviews: Daily analysis of USDX for June 17, 2015

Long-term review

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The USDX is still dealing with the support level of 94.66, because the Index wants to do a rebound at current levels in order to ride the overall bullish trend in the medium and long term. Also, the 200 SMA is still slightly bullish, so the view is pointing to the upwards. However, be cautious with a possible breakout of the level of 94.66.

On the H1 chart, the USDX is showing a sideways structure below the resistance level of 95.15. This could be an indication of strength in the short-term bearish bias, but we should see first a confirmation, which would be the breakout of the support level of 94.63, in order to look for new lows below a zone around 94.33.

Daily chart's resistance levels: 95.74 / 96.97

Daily chart's support levels: 94.66 / 93.75

H1 chart's resistance levels: 95.15 / 95.71

H1 chart's support levels: 94.63 / 94.33

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support is seen at 94.63, take profit is at 94.33, and stop loss is at 94.93.

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